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As simple as possible: 00 level trading

  • #31,861
  • Edited 7:02am Jun 19, 2015 6:49am | Edited 7:02am
Quoting Troonman
{quote} Hi Yomi thanks for all your posts your doing a really good job as you will know but sharing is very helpful to newbie's trying to learn. Also a huge thank you to Udine for sharing his trading style and setup. I now have my charts setup as yours and I'm ready to start trading with a small account! Please can I ask you 2 questions? 1. Do you use a stop loss greater than 10 pips as your E/J trade looks as if it might be slightly more than 10 pips? 2. Will you share a losing trade or is it possible that nearly all your trades are winners?...
Yes, my SL is double of Udine recommendation, because I take double of his TP, which I'm comfortable with any way.

On your second question, You can not do without your trades hitting your SL, but they only have to be few. I have not experience that for a while, because I only trade the 4 core pairs, take few trades(2-3 trades in a day), trade only London Open - London Close, and always takes my best setups. I will remember to share any time that I have any, they are also like my home lesson/work any way.

Cheers,
Yomi
Time always comes before price
  • #31,862
  • Jun 19, 2015 7:22am Jun 19, 2015 7:22am
Trade #2 o/t day: AUDUSD to TP.

LuXing
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 54 KB
Wisdom begins in wonder
  • #31,863
  • Jun 19, 2015 7:42am Jun 19, 2015 7:42am
Hi Udine & all...... Am new to this thread - still busy reading from the beginning but occasionally also scanning the current pages. Special thanks to Udine and other contributers for a remarkable knowledge base being offered herein.

Quoting diallist
Here's my results for the last three weeks. Week one was pure hell. Week two was somewhat easier. Week three was easiest yet...

Hi diallist, impressive results - well done.
I may be missing the point, but reading thru your approach to management of the trade once it triggers comes as a surprise as Udine and others have already provided Trailing Stop managers [Wheelbarrow Trailing/ Wukar WB] that appear to do the same in a very convenient manner. Expect that you've probably chosen to manage your trades manually rather than use the expert advisors in order to understand the market better. Anyway results speak volumes.
  • #31,864
  • Jun 19, 2015 8:58am Jun 19, 2015 8:58am
Quoting snail69
{quote} Dagoods, in case you have not read the whole thread.... Udine shoots ALL 4 at the same time if he sees it right ! All because he knows those pairs through. Me as a trader, trade as well only 4 pairs, although, different and different approach and timeframe. Got lot of information from this thread, but one is common. One needs to know instruments he/she trades deeply. How they behave ( when there is direction change) , at what time in day ( yes, time of day is very important for particular pairs), how far they go (ADR) and so on...:nerd:

hey snail. thanks for the reply. traditionally, its often uj moving in tandem, or driving ej. That's why i ask. for example on a long situation......I noticed in my trading that when ej and uj are moving long... together...it really moves long with momentum when eu joins the party(retraces long). That is how it normally is moving when ej is moving in the past and uj is the driver in my observations. if so it may be wise to consider uj is doing in our analysis. comments, thoughts, insights etc. welcome
  • #31,865
  • Jun 19, 2015 9:10am Jun 19, 2015 9:10am
Quoting fxrabbi
{quote} Yes, my SL is double of Udine recommendation, because I take double of his TP, which I'm comfortable with any way. On your second question, You can not do without your trades hitting your SL, but they only have to be few. I have not experience that for a while, because I only trade the 4 core pairs, take few trades(2-3 trades in a day), trade only London Open - London Close, and always takes my best setups. I will remember to share any time that I have any, they are also like my home lesson/work any way. Cheers, Yomi
i took this trade due to the following
1) GBPJPY/EURJPY were in synC
2) JPY was first, EUR WAS LAST IN CSM
3) A mini down trend was forming
It went to stop loss. Give me your view on this?
Attached Image (click to enlarge)
Click to Enlarge Name: forex rai.png Size: 90 KB
  • #31,866
  • Jun 19, 2015 9:57am Jun 19, 2015 9:57am
Quoting diallist
Here's my results for the last three weeks. Week one was pure hell. Week two was somewhat easier. Week three was easiest yet. I hope it continues to get easier with practice so I can reach the Udine state of stress-free and knowing I'm going to make money today. The difference between easy and hard for me is following my rules, and the one rule that has required the most discipline is to STOP TRADING when the last trade hits or exceeds the daily target. Because my account opened especially for this method is still small, I'm risking[/highlight]...
@Diallist

First and foremost congratulations on your fantastic results !

As you rightly pointed out: "in the beginning" the most difficult part is to stop after 2 x TP.
Psychologically, the line between casino gambling attitude and forex trading can be very thin...
I cannot even tell you how many times I went back to square 1, or worse, because I did simply not stop trading after 2 x TP.
Even with the right attitude, the right indicators, the right setup, the right moment, you have to keep in mind many a time this "business" is more about dodging losing trades. There are so many setups during a day and every trader has to learn how to avoid the losers !!!

Risk per trade: been there, done it, seen it...
I have blown demo accounts, small live accounts, at a certain stage even using 20% risk (I mean, who cares about a USD20 SL on a USD100 acct ?).
My advice today, looking back on all that: don´t.
This is a marathon, you need to pick the 2 right trades every day. I would advise against taking beyond 3% risk (but hey, who am I to preach that)...
The temptation to using bigger percentages usually stems from the fact that traders would like to turn 100USD into 10K USD in no time.
It´s highly unlikely that that will happen...

Hope this helps. All the best of luck and keep up the good work !

LuXing
Wisdom begins in wonder
  • #31,867
  • Jun 19, 2015 10:04am Jun 19, 2015 10:04am
Quoting Emmpoli
{quote} i took this trade due to the following 1) GBPJPY/EURJPY were in synC 2) JPY was first, EUR WAS LAST IN CSM 3) A mini down trend was forming It went to stop loss. Give me your view on this? {image}
1. Stick a trendmeter on your chart, makes it easier to see the H1, H4, D1 candle colour.
2. Put the psy levels somewhere so that you can at least see your candles !
3. Absolute Strength Settings are wrong: shoudl be 0, 5, 4 , 0 , 1 , 3
4. Mini trend ? All I see is paint drying. Bastard´s been in a 10 pip range for 4 hours !
5. I don´t think EJ and GJ were in sync at all at the time of entry, but if you say so... Put both charts side by side on your screen, makes it much easier to see.
6. Maybe stick on the HA indi, AHS MTF and/or some other "goodies". Can be rather helpful.

LuXing
Attached File(s)
File Type: ex4 Trend indicator_LuXingMod.ex4   22 KB | 589 downloads
File Type: mq4 Trend indicator_LuXingMod.mq4   14 KB | 726 downloads
Wisdom begins in wonder
  • #31,868
  • Jun 19, 2015 12:00pm Jun 19, 2015 12:00pm
Quoting LuXing
{quote} 1. Stick a trendmeter on your chart, makes it easier to see the H1, H4, D1 candle colour. 2. Put the psy levels somewhere so that you can at least see your candles ! 3. Absolute Strength Settings are wrong: shoudl be 0, 5, 4 , 0 , 1 , 3 4. Mini trend ? All I see is paint drying. Bastards been in a 10 pip range for 4 hours ! 5. I dont think EJ and GJ were in sync at all at the time of entry, but if you say so... Put both charts side by side on your screen, makes it much easier to see. 6. Maybe stick on the HA indi, AHS MTF and/or some other...
thank you LuXing. some times spotting a trade is very easy for me sometimes it can be a pain in the ASS as i am not willing to spend my whole day on the computer. i once sent a mail to you but got no reply from you. My question is, is the psy levels dash different from the trend meter you posted because the seem to do the same thing. please correct me if i am wrong
  • #31,869
  • Edited 12:27pm Jun 19, 2015 12:02pm | Edited 12:27pm
Quoting Emmpoli
{quote} i took this trade due to the following 1) GBPJPY/EURJPY were in synC 2) JPY was first, EUR WAS LAST IN CSM 3) A mini down trend was forming It went to stop loss. Give me your view on this? {image}
This is what you need to succeed:

1. Level 1 entries.

2. The 4 core pairs.

3. The PDF & BCC.

NB: Every other things ( strength, sync in pairs, momentum, volume, etc etc...) has to line up with M30 level 1 entry, otherwise you are not following Udine teaching.

You are not using the basic indicators of this thread, you want to trade like the professionals, but you have to walk your way to that level first, please start from taking only M30 level 1 entry.

Maybe you don't know: M30 level 1 entry is the price to open (1440) color must be established first, and then the ASH2 change to match it.

If you observed very well you will discovered that I did not want to share the two indicators on momentum and volume because of miss-used. The volume indicator did not give you signal to sell, I told you to look at my charts where I used it, you will discovered that I normally do my entries after seeing two (2) red or green bars, please if you need to use the two indicators study my previous chats well and keep watching my post. There was no need for you to take that trade whatsoever. And try to take/do what LuXing said on his last post to you.

Cheers,
Yomi.

Please see the attached chart for my illustration on the usage of the volume indicator. ( I called this process as "see knife and die").
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM30.png Size: 71 KB
Time always comes before price
  • #31,870
  • Jun 19, 2015 12:51pm Jun 19, 2015 12:51pm
[quote=fxrabbi;8337074]{quote} This is what you need to succeed: 1. Level 1 entries. 2. The 4 core pairs. 3. The PDF & BCC. NB: Every other things ( strength, sync in pairs, momentum, volume, etc etc...) has to line up with M30 level 1 entry, otherwise you are not following Udine teaching. You are not using the basic indicators of this thread, you want to trade like the professionals, but you have to walk your way to that level first, please start from taking only M30 level 1 entry. Maybe you don't know: M30 level 1 entry is the price to open (1440) color must be established first, and then the ASH2 change to match it. If you observed very well you will discovered that I did not want to share the two indicators on momentum and volume because of miss-used. The volume indicator did not give you signal to sell, I told you to look at my charts where I used it, you will discovered that I normally do my entries after seeing two (2) red or green bars, please if you need to use the two indicators study my previous chats well and keep watching my post. There was no need for you to take that trade whatsoever. And try to take/do what LuXing said on his last post to you. Cheers, Yomi. Please see the attached chart for my illustration on the usage of the volume indicator. ( I called this process as "see knife and die"). {image}[/quote



i have gone through your pictures, i see some of my mistake. concerning the 2 red candle or green candle rules, do you follow it every time you take a trade or the are some exceptions? what if you see a good set up but volume does not confirm it, do you take the trade without the volume?
  • #31,871
  • Edited 1:27pm Jun 19, 2015 1:05pm | Edited 1:27pm
Quoting Emmpoli
Quoting fxrabbi
{quote} This is what you need to succeed: 1. Level 1 entries. 2. The 4 core pairs. 3. The PDF & BCC. NB: Every other things ( strength, sync in pairs, momentum, volume, etc etc...) has to line up with M30 level 1 entry, otherwise you are not following Udine teaching. You are not using the basic indicators of this thread, you want to trade like the professionals, but you have to walk your way to that level first, please start from taking only M30 level 1 entry. Maybe you don't know: M30 level 1 entry is the price to open (1440)
...
Those red or green bars (Volume) is not an invitation/signal/setup to enter a trade, what I get from it is like a "pass" or like a good place to take my trades. And I will always like to take my trade at a very nice place, anyway (hope this answer your last question).

Hope this helps.

Yomi
Time always comes before price
  • #31,872
  • Jun 20, 2015 2:28am Jun 20, 2015 2:28am
Quoting fxrabbi
{quote} Yes, my SL is double of Udine recommendation, because I take double of his TP, which I'm comfortable with any way. On your second question, You can not do without your trades hitting your SL, but they only have to be few. I have not experience that for a while, because I only trade the 4 core pairs, take few trades(2-3 trades in a day), trade only London Open - London Close, and always takes my best setups. I will remember to share any time that I have any, they are also like my home lesson/work any way. Cheers, Yomi
Hi.

Do u use Tailing Stop?
Trade With PDF & Wisdom
  • #31,873
  • Jun 20, 2015 2:34am Jun 20, 2015 2:34am
Quoting MosesNMY
{quote} Hi. Do u use Tailing Stop?
No. instead I use BE as part of my trade management.
Time always comes before price
  • #31,874
  • Edited 6:04am Jun 20, 2015 4:21am | Edited 6:04am
Quoting fxrabbi
{quote} No. instead I use BE as part of my trade management.
Hi.

Can elaborate more on your trade management?
what value u set for BE?


Thanks.
Trade With PDF & Wisdom
  • #31,875
  • Jun 20, 2015 4:29am Jun 20, 2015 4:29am
Hi Guys,

Not sure if it's late for me to join here. i started reading this tread for 2 weeks and now in 200+ pages. currently in the world cup discussion section, lol. seems it needs to invest a lot of time if trying to catch the almost 1600 page story but i'm sure it's worthwhile. million thanks to Udine to open my mind to this system! I'm trading demo for 2 weeks, so far 9% +ve!

I have some questions if some one don't mind to clear my doubts:

1. regarding the spread and commission. i saw Udine's charts, the SL/TP is exactly at 00/50 levels. so i assume spread/commission is treated as "cost the business". however, even with an ECN broker, let's say the minimum total "cost" is 1 pip round turn. so in fact I'll make 4 pips if TP and -11 pips if SL, which make the RR ratio even lower. almost need 3 winners to cover 1 loser. that's why for me on the way to achieve 2% daily, it's almost impossible if 1 loser comes. how you guys deal with it?

2. for my trading habit, i used to take either SL or TP clearly rather than using TS, is it considered breaking the rules?

3. Udine mentioned there are about 50+ rules to determine if it's a good setup or not even all rules on post 1 are met. i think it's part of price action based on the "eye indicator" to improve the winning ratio. For me I won't enter if lots of upper/lower shadows before TP or breaking SL, and I try to wait till the trend more clear with less fluctuation. any thoughts about this?

Sorry if these topics were discussed, i'll continue my reading. Hope all of us stay green everyday!

Cogito
  • #31,876
  • Jun 20, 2015 10:26am Jun 20, 2015 10:26am
Apologies for a very rudimentary question, what are rn clear levels and what is the xrenko indicator supposed to show?
  • #31,877
  • Edited 12:14pm Jun 20, 2015 11:01am | Edited 12:14pm
Quoting cogito
Hi Guys, Not sure if it's late for me to join here. i started reading this tread for 2 weeks and now in 200+ pages. currently in the world cup discussion section, lol. seems it needs to invest a lot of time if trying to catch the almost 1600 page story but i'm sure it's worthwhile. million thanks to Udine to open my mind to this system! I'm trading demo for 2 weeks, so far 9% +ve! I have some questions if some one don't mind to clear my doubts: 1. regarding the spread and commission. i saw Udine's charts, the SL/TP is exactly at 00/50 levels. so...
Welcome cogito!

You ask thoughtful questions. Yes, they have been answered in the forum, so if no one else answers you, you'll eventually get your answers from the forum.

Congrats on the 9%, it is a good start and a foundation to build on.

1. It is cost of doing business. I don't worry about it because once you've learned to choose higher probability entries, and (more importantly) to reject lower probability entires, the win rate will more than compensate for the inverted RR. Notice I said "inverted", I did not say "bad" or "poor". Take a look at my post here:

http://www.forexfactory.com/showthre...36#post8121236
and here:
http://www.forexfactory.com/showthre...03#post8121703

2. Technically yes, Udine always uses the TS EA. I currently don't, but only because I manually close the trade if it returns to entry. I do this because it forces me to watch the market in action. If I use the automated TS, I get lazy and walk away. If in doubt, you should use the TS as defined by Udine.

3. You are correct. The mechanical rules alone only serve the purpose of getting you in the ballpark and presenting trade setups to you. If you trade this mechanically, by the rules only, you will lose money. You must use your eyeball, just as you have indicated to find reasons NOT to take the trade.

You've begun a fantastic voyage, so keep it up.

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #31,878
  • Jun 20, 2015 12:21pm Jun 20, 2015 12:21pm
Quoting LuXing
{quote} @Diallist First and foremost congratulations on your fantastic results ! As you rightly pointed out: "in the beginning" the most difficult part is to stop after 2 x TP. Psychologically, the line between casino gambling attitude and forex trading can be very thin... I cannot even tell you how many times I went back to square 1, or worse, because I did simply not stop trading after 2 x TP. Even with the right attitude, the right indicators, the right setup, the right moment, you have to keep in mind many a time this "business" is more about...
LuXing, thanks for the positive and encouraging feedback.

I especially like your phrase "Psychologically, the line between casino gambling attitude and forex trading can be very thin." So very true.

You are very, very right in your statements about risking to much per trade. I absolutely agree, having also been down the road of risking 10% or more on a trade trying to get big fast. Stupid me. That said, I am risking 4% now because Udine said he did when he started with $200, but then he reduced it to 2% when the account grew larger. That is my plan as well, because there is no way in God's Universe (which He created), that I'm going to risk more than 2% on a large account. But thanks for the positive reminder of the dangers of high risk usage, as I always need that.

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #31,879
  • Jun 20, 2015 11:55pm Jun 20, 2015 11:55pm
Quoting diallist
{quote} Welcome cogito! You ask thoughtful questions. Yes, they have been answered in the forum, so if no one else answers you, you'll eventually get your answers from the forum. Congrats on the 9%, it is a good start and a foundation to build on. 1. It is cost of doing business. I don't worry about it because once you've learned to choose higher probability entries, and (more importantly) to reject lower probability entires, the win rate will more than compensate for the inverted RR. Notice I said "inverted", I did not say "bad" or "poor". Take...
Hi diallist,

Thanks a lot for your feedback, your posts are really helpful! I do understand how to evaluate a system as a whole piece rather than a part, eg RR only. as long as the Expectation is +ve, we can make money in long term. so i'll need to sharpen my eyes to increase the winning ratio. i made some of my mistakes because sometimes i pushed it too hard trying to acheive 2% daily but eventually lose more... anyway it's not a game that you trades more, you earn more, but have to stay PDF & BCC. and thanks for your remind i'll use TS as what the original rules said.

Give me a few weeks more to finish my reading and catch up the discussions you guys have here. i have a myfxbook account to analyse my trading. hope it can show us some inspiring results by then. enjoy your weekend

Cogito
  • #31,880
  • Jun 21, 2015 12:34pm Jun 21, 2015 12:34pm
Quoting nasap
{quote} With this two indicators you've completed the puzzle! Signals showing up very accurate (I've checked with my own signals coming from dashboard). This being said it's very important to look for pairs are sync otherwise it will become like playing the lottery! {image} If people still cannot profit from this system then they are basically doing something wrong! Good luck and many green pips to all of you. nasap
hello nasap

I have one technical question to you. Can you give me a hint/way how to connect Excel and MT4? I mean, open orders from excel

thanks in advance

masofras
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